U.S. Developer Pine Gate Renewables Wins Utility-Scale Solar Lease Auction

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Researched by Industrial Info Resources (Sugar Land, Texas)--Last week, the U.S. Bureau of Land Management (BLM) announced that Pine Gate Renewables LLC (Asheville, North Carolina), which focuses on developing and financing solar and storage sites in the U.S, won the rights to develop utility-scale solar power on more than 1,000 acres of federal land in Colorado. Industrial Info is tracking more than $600 million worth of solar-generation projects from Pine Gate Renewables that have a medium-to-high likelihood (70% or more) of moving forward as planned.

Pine Gate secured the rights with a total winning bid of approximately $200,000.

The renewable developer has 1.9 gigawatts (GW) of operational assets and 20 GW of projects in development, according to the company website. Last year, Pine Gate announced it received $500 million in growth capital and asset financing from Generate Capital (San Francisco, California) to expand Pine Gate's utility-scale solar development. Generate Capital is a finance company that builds, finances, owns and operates clean-energy projects.

Pine Gate's development also will be supported by an "integrated clean energy investment and procurement strategy" between Alphabet Incorporated (NASDAQ:GOOGL) (Mountain View, California) subsidiary Google and Sol Systems (Washington, D.C.), for unnamed solar projects being developed by Pine Gate Renewables in North and South Carolina. The capital provided will enable solar-power projects with a total peak capacity of 225 megawatts (MW), and 18 MW worth of battery storage.

As part of Pine Gate's Eastover solar and interconnection project in South Carolina, a 73.6-MW $80 million solar plant is expected to wrap up in late June. The plant will utilize photovoltaic (PV) solar panels from Hanwha Q Cells, a unit of Hanwha Group (Seoul, South Korea). The solar generation will flow through a transmission line interconnection to the Eastover Substation: two assets that were completed in 2021. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a detailed report on the solar project.

Another project in South Carolina that is underway is the $85 million Gunsight PV Solar Plant in Swansea, which will utilize 300,000 solar panels to provide 75 MW of solar-generation capacity. Engineering, procurement and construction (EPC) contractor Blue Ridge Power (Asheville) is expected to wrap up the project in November. Subscribers can click here for the report.

Industrial Info is tracking other projects from Pine Gate Renewables that are underway, including two in Mississippi: the 150-MW $80 million Cane Creek solar plant in Pachuta is expected to wrap up in December, and the 78.5-MW Moonshot solar plant in Kiln is expected to wrap up in February 2024. Subscribers can learn more by viewing the reports on the Cane Creek and Moonshot projects.

Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).